But people now aren't banking where their parents banked. So there's a whole lot of more agile'ness around money movement.

That's why a lot of influencers in this financial space have had such a great rise to fame: what it allows you to do is get very specific content right in the hands of the people who need it at the time that they're looking for it.

For the big enterprise financial institutions, this is anywhere between 35% and 45% of their acquisition funnel - if I'm going to get a new mortgage, or if I'm going to get a new business loan, I'm telling you, I'm going to research it.

As we grow Smarter Loans, both Raf and I we're also learning about the lending industry and understanding that there's a lot more to it than just personal unsecured loans, than just unsecured business loans. So we started developing relationships, and then that got turned into motorsports and farming and equipment financing and buses and coaches. And today we have people financing aeroplanes and aviation. So it all grew over time.

And now if you look at it, yes, that's how we're able to say 60 lenders because they represent different verticals, you know, they're not all in like personal, unsecured loans, they represent a spectrum of different types of products and services.

The learning aspect is probably the most important we eat volatility for breakfast, we make love to volatility!

That right there describes our structural - and I think unassailable - advantage in a world that has suddenly become quite a bit more volatile than it has been for the last number of decades, under which my friends in the conventional 1.0 version of the bureau's operate. And global interconnectedness or the globalisation of economies means that things happening in the Ukraine, from which my ancestors hail, to the gas pumps in North America is a pretty direct connection. And so whether it's gas pumps or groceries that are becoming much more expensive, you have consumers feeling it.

And therefore, to my lender customers, those same consumers need to be scored properly in the fullness of all of the environmental macro factors, as well as the micro factors down at the borrower's level.

The other thing that we noticed was consumer behaviour changed, which was really interesting. Some of it was taking the subsidies and doing this, some it was taking the payment holiday and doing this, and some of it was just people doing it on their own: but we've seen the largest stockpile of cash going into bank accounts that we've ever seen, of just new deposits that came in over COVID. And so there's this big pot of cash that consumers are holding onto right now.

And I think the provision for credit losses that most of the banks had forecasts through COVID were relatively high and nothing came to fruition, right. They didn't see the link. And in fact, delinquency rates have been dropping, even when deferrals ran off as the freezes expired. We thought, well, you know, the people taking deferrals are probably the people that need it. Once they don't have that option anymore. We're gonna see delinquency rates amongst that population increase... and it didn't. So it did, it's increased slightly, but not to the levels that we had thought. And so I think lenders looked at that brand. And they just said, No, we're ready, we're ready to jump back in and you know, ourselves from a supply perspective, we tighten the reins, you know, it was prudent from a risk perspective what we did, but we're ready to start to get back out and you know, reengage with consumers and lend.